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Understanding the U.S. Smartphone Banker

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The SapientNitro Research Institute conducted an 8-month study to understand exactly how customers are using their smartphones for retail banking. What are the patterns and triggers that represent the state-of-the-art in smartphone banking today? And how can this behavioral data inform experience-led banking transformation? Our findings highlight Optimization, Experience, and Innovation as key drivers.

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Understanding the U.S. Smartphone Banker

  1. 1. BANK 77% OF CONSUMERS We conducted an 8-month study to understand exactly how customers are using their smartphones for retail banking. What are the patterns and triggers that represent the state-of-the-art in smartphone banking today? And how can this behavioral data inform experience-led banking transformation? Our findings highlight Optimization, Experience, and Innovation as key drivers. manage their finances with smartphones 24SECS. 37SECS. The average time users spend on mobile banking sites The average time users spend on mobile banking apps. OPTIMIZATION EXPERIENCE INNOVATION HOW LONG WHY LOCATION TRIGGERS QUALITY WANTS PAYMENTS 58% used mobile payment at least once in the past month. FUTURE Only 10% have a smartwatch. BENEFITS WHEN WHY NOT 40% 58% cited security concerns as the top impediment. And only 25% of those use it for financial management. said they need a bigger screen. 28%48% Still visited the branch in the last month 5.5 cited imminent purchases 77% said that mobile improved their banking relationships. Reasons include fewer branch visits, more awareness of finances, and easier account access. High-quality advisory and consultancy is a must. cited text and email alerts Source: SapientNitro Research Institute. To access the full study, visit www.sapientnitro.com/insights. NO 90% Google Wallet, Starbucks, and PayPal lead in mobile payment apps. GOOGLE WALLET 84% STARBUCKS 8% PAYPAL 4% for mobile app features 70% do their mobile banking AT HOME. Most usage, overall, occurs on Fridays and from 10 AM to 8 PM. YES 10% Only 22% want new features introduced Only 17% make a deposit 74% Review account balances 34% Want improved existing features Across TYPES OF FINANCIAL ACCOUNTS Consumers have an average of FINANCIAL INSTITUTIONS 5 3 The top triggers of smartphone banking are self-directed Communication from a bank also scored highly 55% Weekly mobile interactions with a retail bank $

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